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Philippine Surplus Expands

Central Bank Sees
Inflation as Concern;
Foreign Reserves Climb

By

Cecilia Yap and

Cris Larano

Updated Sept. 6, 2006 12:01 a.m. ET

MANILA, Philippines -- Strong exports and foreign-exchange inflows likely will help the Philippines balance-of-payments surplus exceed the target of $1.6 billion this year and lift foreign reserves to a record high, the central bank said.

Foreign reserves could rise to between $21 billion and $22 billion if current trends continue, Amando Tetangco, governor of the Central Bank of the Philippines, said at the midyear economic...